Global Gaming Industry to Cross $314 Billion by 2026 - Microsoft, Nintendo, Twitch, and Activision Have All Reached New Heights in Player Investment, Helped by COVID-19
DUBLIN, Nov. 22, 2021 /PRNewswire/ -- The "Gaming Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
The global gaming market was valued at USD 173.7 billion in 2020, and it is expected to reach a value of USD 314.4 billion by 2026, registering a CAGR of 9.64% over 2021-2026.
Due to nationwide lockdown, people stay home, and some turn to game platforms to pass the time. These platforms are attracting more than hundreds and thousands of new visitors in online traffic. Video gaming trends have experienced a massive surge in players and revenue recently.
Companies like Microsoft, Nintendo, Twitch, and Activision have all reached new heights in player investment. In April 2020, Microsoft reported that subscribers to Xbox Game Pass, a Netflix-like subscription service, topped 10 million. Among those subscribers, Microsoft also reported a 130-percent increase in multiplayer engagement across March and April.
Key Highlights
- Cloud gaming is an emerging technology across the industry that allows users to stream high-end games across hand-held devices, such as laptops, tablets, and mobiles, with fast network connectivity, eliminating the need for a dedicated gaming console/PC.
- Cloud gaming services are focused on leveraging hyper-scale cloud capabilities, global content delivery networks, and streaming media services to build the next generation of social entertainment platforms. Such factors have an anticipated positive impact on market growth.
- 5G is also driving the mobile-based VR gaming market. For instance, in May 2020, Archiact announced its partnership with Migu (a subsidiary of telecom provider China Mobile) for Archiact's games that would be the first VR games to be playable via Migu's 5G cloud gaming platform, named Migu Quick Gaming. Also, by partnering with Migu, Archiact states that it can work together to build the future of 5G VR cloud gaming, making VR even more accessible.
- Moreover, the increasing applications of immersive technologies, such as virtual reality, augmented reality, and mixed reality, are anticipated to be a cornerstone in the gaming industry. Companies such as BigScreenVR and AltspaceVR are some of the prominent players in this segment.
- According to NewGenApps, by 2025, AR and VR games' global user base is estimated to increase to 216 million users. According to a worldwide survey of technology company executives, startup founders, and investors, 59% of the respondents believe that gaming will dominate the investment directed to the development of VR (Virtual Reality) technology.
- Some of the market's prominent vendors are also focusing on expanding their product portfolio, releasing new games and consoles in the market in multiple formats. For instance, Sony Interactive Entertainment (SIE) announced the PC port of its 2017 release, Horizon Zero Dawn, and confirmed the release of Death Stranding on PC post its PS4 premiere. Sony also unveiled the PlayStation 5, which features an enhanced controller and visual capabilities to improve the User experience.
- Microsoft unveiled their competitor lineup consisting of the XBOX Series X and the XBOX Series S for the budget segment. At the same time, Nintendo accentuated the growth of the Nintendo Switch Lite in 2020.
- In August 2020, AGS announced an agreement under which the leading game content supplier Intouch Games Ltd, through its Slot Factory content-development brand, would provide game content for AG S' real-money game aggregation platform serving many of the world's largest online real-money gaming operators.
Key Market Trends
- Smartphone is Expected to Witness Significant Growth
- Asia Pacific to Hold the Largest Market Share
Competitive Landscape
The Gaming Market is highly fragmented as the demand for online games and increasing penetration of mobile applications across the various region is catering to an intense rivalry in the market. Key players in the market are Sony Corporation, Microsoft, Nintendo, etc. that try to keep innovating and releasing next-generation gaming consoles provides significant competition among the rivals.
- February 2021- Electronic Arts Inc. acquired Codemasters, a racing game platform, to expand its racing games and expects to launch a new racing game every year. The existing franchises of Codemasters, including Formula 1, DIRT, Project CARS, and GRID, were absorbed into EA's portfolio, which consists of Need for Speed, Real Racing and Burnout.
- February 2021- EA sports announced the partnership with Criterion, DICE, and DICE LA for the launch of the Battlefield game by 2021. The project is moving toward the franchise's earliest Alpha and will fully utilize the next-generation consoles.
- March 2021- The company announced the launch of Madden NFL 21, which is packed with new features like Face of the Franchise: Rise to Fame, Superstar X-Factors 2.0, and innovative gameplay enhancements.
Key Topics Covered
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET INSIGHTS
4.1 Market Overview
4.2 Industry Attractiveness - Porter's Five Forces Analysis
4.3 Technology Snapshot
4.4 Assessment of the Impact of COVID-19 on the Market
5 MARKET DYNAMICS
5.1 Market Drivers
5.1.1 Rising Internet Penetration
5.1.2 Emergence of Cloud Gaming
5.1.3 Adoption of Gaming Platforms, such as E-sports Betting and Fantasy Sites
5.2 Market Restraints
5.2.1 Issues, such as Piracy, Laws and Regulations, and Concerns Relating to Fraud During Gaming Transactions
6 MARKET SEGMENTATION
6.1 Gaming Type
6.1.1 Console
6.1.2 Tablet
6.1.3 Smartphone
6.1.4 Downloaded/Box PC
6.1.5 Browser PC
6.2 Geography
7 COMPETITIVE LANDSCAPE
7.1 Company Profiles
7.1.1 Sony Corporation
7.1.2 Microsoft Corporation
7.1.3 Apple Inc.
7.1.4 Google LLC (Alphabet Inc.)
7.1.5 Bandai Namco Entertainment Inc.
7.1.6 Take-Two Interactive Software Inc.
7.1.7 Nexon Company
7.1.8 Nintendo Co. Ltd
7.1.9 Activision Blizzard Inc.
7.1.10 Electronic Arts Inc.
7.1.11 Ubisoft Entertainment SA
7.1.12 Square Enix Holdings Co. Ltd
7.1.13 ZeptoLab OOO
7.1.14 Tencent Holdings Ltd
7.1.15 Sega Games Co. Ltd
7.1.16 Capcom Co. Ltd
7.1.17 NetEase Inc.
7.1.18 Interactive Entertainment
7.1.19 Beijing Kunlun Technology Co. Ltd
8 INVESTMENT ANALYSIS
9 FUTURE OF THE MARKET
For more information about this report visit https://www.researchandmarkets.com/r/t1x53p
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